LBC signs P1.6-billion loan deal with Union Bank for warehouse, land acquisition

ABS-CBN News

Posted at Jun 01 2021 08:52 AM | Updated as of Jun 01 2021 09:24 AM

MANILA—LBC Express Inc on Tuesday said it has entered into a P1.6-billion loan agreement with Union Bank of the Philippines to partially finance the construction of a new warehouse and other purposes. 

The deal includes a loan in the aggregate amount of P1.623 billion, LBC Express told the stock exchange.

Proceeds of the loan will be used for the construction of its new warehouse, importation and installation of a sorting machine, and land acquisition via loan takeout, the logistics firm added.

Logistics and warehousing demand in the Philippines have increased during the COVID-19 pandemic, as Filipinos relied on online shopping for their needs. 

 

Watch more in iWantTFC